Bemis Company Announces Actions to Reduce Cost Structure

Benefit of program: annual savings run rate targeted at $55 to $60
million, with targeted timing of 5-10% in 2017, 50-60% in 2018, and
the remainder in 2019

Cost to implement: estimated between $100 to $120 million

June 30, 2017 06:00 AM Eastern Daylight Time

NEENAH, Wis.--(BUSINESS WIRE)--Bemis Company, Inc. (NYSE: BMS) announced today its planned actions in a
restructuring and cost savings program to improve efficiency and
profitability that further positions the Company for long-term success.
The Company will implement these initiatives while maintaining the high
quality products, best-in-class service, and culture of respect and
innovation consistent with Bemis’ standards.

“Improving the performance of our U.S. Packaging business is a key
priority in creating value for our shareholders," said William F.
Austen, Bemis Company's President and Chief Executive Officer. "During
April, we began a review to align our U.S. manufacturing and
administrative cost structures with the demands of our customer base to
better position the Company in the current environment and for its
long-term success. Given the challenges in the Brazilian economic
environment, we also expanded the scope of our review to include our
entire global business. We are targeting a total company cost savings
plan of $55 to $60 million as we create a more agile, streamlined, and
efficient business that is well-positioned for the long-term.”

Actions include:

Optimizing manufacturing capacity. The Company has definitive
plans to close two manufacturing facilities; work performed at these
facilities will be transferred to other Bemis locations. The Company
will initiate the closing of one of these facilities in 2017 and the
other in 2018. Benefits from these two plant closures will be
approximately $10 million when fully implemented. The Company continues
to evaluate opportunities to consolidate additional facilities.

Reducing SG&A Cost Structure. The Company will reduce its
administrative support cost structure to align with the current business
environment. These activities will result in a reduction of
approximately 300 positions, or 5 percent of the global administrative
workforce, over the next three years. Impacted employees will receive
job placement assistance and severance benefits to assist in their
transition. The cost savings from these changes will be approximately
$20 million over the next three years.

The Company will provide additional details associated with its targeted
savings plan in the coming quarters as part of its regular earnings
reporting cycle.

Austen commented, “We are focused on improving our business and further
positioning ourselves for long-term profitable success. As we begin to
implement the first steps of this cost savings plan in 2017, we will
also continue our comprehensive review to finalize the remaining cost
savings, to outline future capital spending, to explore ways to offset
headwinds of the current economic environment in Brazil, and to reshape
our go-to-market efforts to align with the evolving U.S. packaged food
landscape.”

Austen continued, “The strong foundational elements of Bemis Company
remain unchanged. We are committed to our dividend program and returning
free cash flow to our shareholders, to developing opportunities for
organic and inorganic growth, and to providing an attractive, long-term
investment for our shareholders.”

FORWARD-LOOKING STATEMENTS

This release contains certain estimates, predictions, and other
“forward-looking statements” (as defined in the Private Securities
Litigation Reform Act of 1995, and within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended). Forward-looking statements
are generally identified with the words “believe,” “expect,”
“anticipate,” “intend,” “estimate,” “target,” “may,” “will,” “plan,”
“project,” “should,” “continue,” or the negative thereof or other
similar expressions, or discussion of future goals or aspirations, which
are predictions of or indicate future events and trends and which do not
relate to historical matters. Such statements are based on information
available to management as of the time of such statements and relate to,
among other things, expectations of the business environment in which we
operate, projections of future performance (financial and otherwise),
including those of acquired companies, perceived opportunities in the
market and statements regarding our strategy and vision. Forward-looking
statements involve known and unknown risks, uncertainties, and other
factors, which may cause actual results, performance, or achievements to
differ materially from anticipated future results, performance or
achievements expressed or implied by such forward-looking statements. We
undertake no obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events, or
otherwise.

Factors that could cause actual results to differ from those expected
include, but are not limited to:

A failure to realize the full potential of our restructuring
activities;

Our ability to retain and build upon the relationships and sales of
our key customers;

The potential loss of business or increased costs due to customer or
vendor consolidation;

The ability of our foreign operations to maintain working
efficiencies, as well as properly adjust to continuing changes in
global politics, legislation, and economic conditions;

Variances in key exchange rates that could affect the translation of
the financial statements of our foreign entities;

Changes in governmental regulations, particularly in the areas of
environmental, health and safety matters, fiscal incentives, and
foreign investment;

Changes in the competitive conditions within our markets, as well as
changes in the demand for our goods; and

Changes in our ability to attract and retain high performance
employees.

These and other risks, uncertainties, and assumptions identified from
time to time in our filings with the Securities and Exchange Commission,
including without limitation, those described under Item 1A "Risk
Factors" of our Annual Report on Form 10-K and our quarterly reports on
Form 10-Q, could cause actual future results to differ materially from
those projected in the forward-looking statements. In addition, actual
future results could differ materially from those projected in the
forward-looking statements as a result of changes in the assumptions
used in making such forward-looking statements.

INVESTOR CONFERENCE CALL

Bemis Company, Inc. will webcast its next investor telephone conference
regarding its second quarter 2017 financial results on July 27, 2017 at
10:00 a.m., Eastern Time. Individuals may listen to the call on the
Internet at www.bemis.com
under “Investor Relations.” Listeners are urged to check the website
ahead of time to ensure their computers are configured for the audio
stream. Instructions for obtaining the required, free, downloadable
software are available in a pre-event system test on the site.

ABOUT BEMIS COMPANY, INC.

Bemis Company, Inc. (“Bemis” or the “Company”) is a major supplier of
flexible and rigid plastic packaging used by leading food, consumer
products, healthcare, and other companies worldwide. Founded in 1858,
Bemis reported 2016 net sales from continuing operations of $4.0
billion. Bemis has a strong technical base in polymer chemistry, film
extrusion, coating and laminating, printing, and converting.
Headquartered in Neenah, Wisconsin, Bemis employs approximately 17,500
individuals worldwide. More information about Bemis is available at our
website, www.bemis.com.